More than half of Canadians feel they cannot afford both a bigger family (or even a family at all) and home ownership because of the high price of real estate, according to a new survey by RateSupermarket.ca, issued November 17.
The "Terrible Money Twos" survey by the mortgage and financial rate comparison site finds 55.6 per cent of respondents across Canada believe their ability to start or expand their family is stymied by high real estate prices in their region. Some 52.8 per cent also said that they could not start or expand their family in their current home.
For millennials, the group moving into the typical ages to start a family and buy a first home, the proportion saying their family plans are adversely affected by high house prices increases to 72.11 per cent.
Penelope Graham, editor at RateSupermarket.ca, said, “While it’s no surprise that kids are hard on the wallet – at a quarter of a million dollars to raise a baby to college-age – it is disheartening Canadians increasingly feel they must choose between home ownership and their desire to be parents.
“Rising home prices, especially in Canada’s urban centres, are making it tougher for millennials to follow their family dreams.”
The survey asked 1,700 Canadians about their sentiments on family affordability to highlight the challenges faced by young adults to achieve financial milestones in a time of historically high housing costs, childcare costs and household debt levels.